Hindon Mercantile Limited Unlisted Share Price Today: 2026 Guide

It's not a household brand, but it's the holding company of the Mufin Group, which includes a listed EV-financing NBFC, a payments business, and an insurance-premium financing platform. Here's what the Hindon Mercantile Limited share price, financials, and pre-IPO shares actually look like, with FAQs at the end.

Company snapshot

Kapil Garg acquired HML in 2019 and built it into the holding entity for the Mufin Group. Key holdings: Mufin Green Finance Limited (listed, EV/green financing, ~76% of its AUM is EV loans), and a ~45.32% stake in LKP Finance acquired for ₹140 crore in 2024–25.

Important: In March 2026, Mufin Green Finance raised ₹324 crore via preferential shares and warrants. HML's stake in Mufin Green fell from 54.11% to 49.26%  below majority control. This dilution matters for anyone buying HML mainly for its Mufin Green exposure.

Hindon Mercantile Limited unlisted share price today

There is no exchange for this stock quotes vary meaningfully by dealer. Always confirm the live two-way quote before transacting.

FY25 financial performance (consolidated, ₹ crore)

Takeaways

Revenue more than doubled but profit grew only 6.9% margins compressed from ~15.4% to ~7.8% as finance costs nearly doubled. Operating cash flow was negative (₹428.75 crore used), typical for a fast-growing lender disbursing more loans than it collects. Debt-to-equity is roughly 2.27x (excluding minority interests) within NBFC norms but worth watching. Return on equity works out to under 5%, against a share price at 4.5x book, a demanding combination that prices in significant future growth.

Buying and selling: dealers, Noida, and Delhi NCR

HML is Delhi-headquartered, and much of India's unlisted-share dealer activity is concentrated in Delhi NCR, including Noida, alongside Mumbai. If you're searching for an "unlisted share company in Noida" or the "best unlisted brokers in Delhi NCR," keep in mind:

• Claims like "India's No. 1 unlisted share company" are marketing language , there's no SEBI-recognised ranking of unlisted-share dealers.

• Compare quotes across two or three dealers; spreads of 15%+ on the same stock are common.

• Confirm KYC (CMR, PAN, cancelled cheque), NSDL/CDSL support, and delivery timelines before transferring funds.

Process: agree price and quantity → complete KYC → transfer funds → receive shares off-market into your demat (typically 24–48 hours) → verify via NSDL Speede or CDSL myeasi.

Taxation

• Held under 24 months: taxed at your income slab rate (short-term).

• Held 24 months or more: 12.5% without indexation (long-term).

Key risks

• Valuation: 4.5x book on sub-5% ROE prices in a lot of optimism.

• Dilution: Mufin Green stake fell below 50% in March 2026.

• Liquidity: No exchange, no guaranteed exit, wide dealer spreads.

• No DRHP: No listing timeline is confirmed, treat "IPO soon" claims as speculation.

• Credit cycle: EV financing is a young asset class with limited stress-tested data.

FAQs

1.What is Hindon Mercantile Limited's unlisted share price today? 
Indicative quotes have ranged roughly ₹680–₹825 across dealers, within a 52-week band of ₹625–₹900. Confirm live pricing with your dealer since there's no single exchange price.

2.Is Hindon Mercantile Limited listed on NSE/BSE? 
No. It's unlisted; its subsidiary Mufin Green Finance is listed.

3.Has HML filed a DRHP or announced an IPO? 
No, as of September 2026.

4.What is the minimum investment? 
One lot (100 shares), roughly ₹68,000–₹83,000 at current indicative prices.

5.What was HML's FY25 revenue and profit? 
Total income ₹253.78 crore (+110.8%); profit after tax ₹19.78 crore (+6.9%).

6.Why do two EPS figures exist? 
₹8.86 = FY25 PAT ÷ current shares outstanding. ₹5.79 = reported basic EPS using weighted-average shares and profit attributable to owners only. The latter is more standard.

7.Who is the promoter? 
Kapil Garg, MD since 2019.

8.Is there an official "India's No. 1 unlisted share company"? 
No such regulatory ranking exists. Evaluate dealers on transparency and track record, not superlative claims.

9.Is there a Noida-specific dealer for HML shares? 

Several dealers operate in Delhi NCR/Noida, but no dealer has exclusive rights any compliant depository participant can process the trade.

10.How are gains taxed? 
Under 24 months: slab rate. 24 months+: 12.5% without indexation.